Shriram General Insurance sells 1.72 lakh policies in 2011-12

CHENNAI: Shriram General Insurance, part of the Shriram Group, sold 1.72 lakh policies in 2011-12 as against 1.21 lakh in the same period previous year, the company said here today.

Total gross premium stood at Rs 1,266.44 crore for the period ending March 31, 2012, as against Rs 780.89 crore during the year-ago period, the company said in a statement while declaring the annual results for 2011-12.

The company made an underwriting profit of Rs 20.86 crore during 2011-12 and the investment assets stood at Rs 1,128.56 crore, it said.

"Going forward, Shriram General Insurance Company will continue with its strong performance and our emphasis on innovation, knowledge and diversification in product lines and newly incubated products will help us in improving the market share", Shriram Group Chairman R Thiyagarajan said.

Post dismantling of Indian Motor Third party insurance pool, the company would receive Rs 1,331.90 crore towards inter-settlement of balances between the insurers by June 2014, the statement said.

Besides, the company would also receive an interest of 7.50 per cent on decreasing balances from April 2012 from the insurer, it added.